Rossendale Free Press - - Spinning Point -

pre­pared ahead of last week’s full coun­cil de­ci­sion – taken be­hind closed doors – re­veal the de­tails of the fi­nan­cial pack­age Rossendale coun­cil has put in place to de­liver Phase 2 of its Spin­ning Point de­vel­op­ment.

The re­port states: “Whilst recognising the wider eco­nomic ben­e­fits of Spin­ning Point Phase 2, pro­ceed­ing with the scheme is a ma­jor con­sid­er­a­tion as the sin­gle big­gest in­vest­ment project that the coun­cil has ever un­der­taken.”

It rec­om­mends that mem­bers agree to the dis­posal pro­ceeds of the Ex-Rosso de­pot in Hasling­den be­ing used to fi­nance the project ‘when re­alised’.

It states that a 30-year bor­row is deemed to be the ‘most pru­dent’ op­tion and cur­rent long-term bor­row­ing rates are 2.49 per cent. The bor­row­ing is in ad­di­tion to £1.9m grants from the Lo­cal En­ter­prise Part­ner­ship and the £3.5m con­tri­bu­tion from Lan­cashire county coun­cil for the new bus sta­tion.

Con­struc­tion of Spin­ning Point’s first phase – the re­con­fig­u­ra­tion of the old town hall, re­tail units and the bus sta­tion – is due for com­ple­tion in May 2019, it adds, stat­ing: “Not pro­ceed­ing or de­liv­er­ing on time with Phase 2 would re­sult in a claw back of £0.9m grant for Phase 1 and the £1m grant award for Phase 2 by the Lan­cashire En­ter­prise Part­ner­ship.”

The ar­chi­tec­tural draw­ings cur­rently show pro­vi­sion for five two-bed apart­ments (block across from Kay Street), and six one-bed apart­ments and 18 two-bed apart­ments (block ad­ja­cent to Kay Street), with both sale and pri­vate rental op­tions be­ing ex­plored. The agenda adds that the scheme pro­vides an op­por­tu­nity to put to­gether a long term plan for car park­ing in the town, ‘in the best in­ter­ests of cus­tomers, busi­ness and other stake­hold­ers’. It is un­der­stood ded­i­cated park­ing for the spa is a pri­or­ity, while con­sul­tants have ad­vised that pri­vate car park­ing will be needed for the res­i­den­tial scheme.

The spa in­cludes a ther­mal suite, re­lax­ation room, sleep lounge, treat­ment rooms, man­i­cure and pedi­cure sta­tions, hot yoga stu­dio, cafe and so­cial space. The re­port adds that the coun­cil has ne­go­ti­ated to spread the risk with its de­vel­op­ment part­ner Rossendale To­gether Barn­field by only tak­ing own­er­ship of a re­tail and food bev­er­age units from Barn­field upon the sign­ing of the lease.

It adds: “The size of units and their an­nual rental fees are such that they are aimed at medium sized re­tail­ers, prob­a­bly small in­de­pen­dent owner man­aged busi­nesses to­gether with na­tional chains op­er­at­ing out of medium size premises.”

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